Loan Boarding Specialist

City National Bank; Los Angeles (CA); On-site; USD 33,696 - 50,544; Full time

Benefits offered by this job

Comprehensive healthcare coverage

401(k) company matching

Tuition Reimbursement

Vacation and sick time benefits

Job summary

City National Bank in Los Angeles is looking for a Loan Boarding Specialist to oversee the funding and boarding process for consumer and commercial loans. This role requires strong attention to detail and the ability to manage high transaction volumes.

The ideal candidate has a Bachelor's Degree, at least 3 years of experience in loan processing, and proficiency in Microsoft Office tools. Compensation includes a competitive hourly wage and opportunities for bonuses.

Qualifications

• Minimum 3 years of loan processing experience in a financial institution.
• Minimum 2 years of basic computer experience required.

Responsibilities

• Review all requests for boarding and funding for approval, completeness, and accuracy.
• Set up all loan entities, ensuring compliance with reporting and regulations.
• Ensure accuracy of pricing and repayment schedules for loans.
• Enter critical information for governmental and management reporting.
• Fund loans based on disbursement authorizations.

Skills

Effective communication

Detail-oriented

Ability to handle heavy volume of transactions

Education

Bachelor's Degree or equivalent

Tools

Microsoft Word

Excel

Outlook

Job description

LOAN BOARDING SPECIALIST

WHAT IS THE OPPORTUNITY?

Reviews all requests for boarding & funding for approval, completeness & accuracy. Boards new and renewed consumer, commercial and mortgage loans. Processes advances, payments & payoffs on various loan products. Maintains Guarantor records on the loan system. Performs all maintenance, calculate and adjust interest and fee accruals. Determines causes of rejected items and process corrections. Balances work and prepare appropriate GL entries to various cost centers as required.

WHAT WILL YOU DO?

• Loan Account Set Up and OFAC Reporting and Compliance – Set up all entities, including borrowers, co-borrowers, and guarantors. Additionally, for all parties to the credit, ensure CIS records have been established prior to funding the loan. Recognition of the parties to the loan is determined from the CIS Addendum. Obtain waivers from compliance as needed.
• Loan Boarder is responsible to be familiar and understand FASB91 and GAAP accounting guidance related to treatment of fees/costs for new loans. For loans that are renewed, or significantly modified, loan boarder must determine if change is considered significant based upon comparison of cash flows in determining if fees can be taken into income or must be amortized over the life of renewed/modified loan.
• Pricing and Repayment Schedules – Loan Boarder is responsible to ensure for the accuracy of the entered pricing (All-in Rate, Margin, and Index, teaser rates, LIBOR pricing options, as applicable) and repayment schedules (Interest only period, repayment terms (Mortgage style amortization. Straight-line amortization, 12-month average amortization schedule, and SWAP related schedules, all of which may be customized for each particular client.
• Reporting requirements – Loan Boarders are responsible to enter critical information for reporting purposes gleaned and/or translated from the Credit Approval Document, Loan Documentation Checklist, or other documents which supports governmental, regulatory, and General Ledger/Financial and management reporting
• Loan Funding – Fund loan based upon disbursement authorization. Set up future disbursement account in ALDO as applicable. Funding make take the form of an out-going wire, credit to a demand deposit account, issuance of Cashier’s Checks or offset to payoff/pay down an existing loan.

WHAT DO YOU NEED TO SUCCEED?

Required Qualifications

• Bachelor's Degree or equivalent
• Minimum 3 years of loan processing experience in a financial institution required.
• Minimum 2 years of basic computer experience(e.g. Microsoft Word, Excel, Outlook) required

Additional Qualifications

• Ability to communicate effectively.
• Able to handle a heavy volume of transactions and multiple tasks.
• Detail oriented with strong follow-up skills.
• Able to manually compute accrual adjustments.
• Ability to operate Personal Computers and WordPerfect/Word Programs.
• Able to operate calculators, encoding, fax and copying machines.

WHAT'S IN IT FOR YOU?

Compensation: Starting base salary: $24.46 - $36.69 per hour. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.

Benefits and Perks

• Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
• Generous 401(k) company matching contribution
• Career Development through Tuition Reimbursement and other internal ups k iting and training resources
• Valued Time Away benefits including vacation, sick and volunteer time
• Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
• Career Mobility support from a dedicated recruitment team
• Colleague Resource Groups to support networking and community engagement

INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT

City National Bank fosters an inclusive environment where all forms of diversity are valued and leveraged to make us a better company and employer. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender identity, national origin, disability, veteran status or other basis protected by law.

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.